We’ve all been there. Stuck inside on a sweltering summer day, visions of a beautiful backyard pool occupying our thoughts. The allure of owning a pool can be especially strong this time of year as temperatures climb and days lengthen. But before diving into pool ownership, it’s important to understand the costs and benefits.
Installing a pool is a great way to make your house the central gathering spot for friends and family. A pool can also be useful for keeping kids busy and active during summer vacation and relieving parents from having to plan daily activities. Adults can get in on the action by using their backyard oasis to relax and let go of stress.
Looking for an effective, low-impact workout? Swimming and water aerobics are great options. According to the University of California-Berkley, swimming laps can improve heart and lung capacity, lower blood pressure and relieve chronic back pain. Exercising in the pool can also help you lose weight and keep the pounds off.
Perhaps the greatest benefit of pool ownership is convenience. Forget the hassle of packing a bag full of toys, making snacks and traveling to the community center… just step outside! A pool can be a playroom, gym and entertainment area all in one, a versatile space that the entire family can use.
There certainly are many upsides to owning a pool, but there are a number of important considerations as well.
Homeowners may believe pools will make their homes more appealing to buyers. According to Investopedia, this is not necessarily true. Families with young children are particularly hesitant due to safety concerns. When it comes to return-on-investment, location is a major factor in determining the value of a pool. In states with warmer climates, pools are more attractive to buyers. In some places, such as Arizona or Florida, they are considered home essentials by real estate experts, while in colder climates pools are often seen as unnecessary because of shorter summers.
The cost of pool ownership might be higher than you think. Some basic above-ground pools can be installed for a few thousand dollars while in-ground pools can easily exceed $20,000 to $50,000 or more.
That, however, is just the beginning. According to money expert Dave Ramsey, the price of a pool goes far beyond design and installation. Accessories, professional maintenance, utility bills and increased insurance rates make pools a year-round expense, and most owners are required to invest their own time and effort for ongoing upkeep.
Pool ownership has provided great enjoyment to those who understand the inherent requirements and accept the financial responsibilities. It is a major investment that should be carefully considered and honestly evaluated.
Are you going to use a pool extensively over the long term, or is it going to be a new toy that gets a great deal of use when first installed and progressively less as the newness wears off?
Is a pool a budget item you can truly afford or is it going to strain your bank account?
Are you willing to devote the time and effort required for proper maintenance?
If your evaluation indicates a pool is the right choice, here’s wishing you many happy years of enjoyment and good health!
Have you weighed the pros and cons of pool ownership and want to take the next steps? LightStream can help. Check out pool financing options here.